Micro Gold, Silver and Copper Products Update

Highlights

The tariff landscape has entered a period of heightened uncertainty following a U.S. Supreme Court ruling that President Trump’s universal tariffs under the International Emergency Economic Powers Act (IEEPA) exceeded presidential authority. This legal shift coincides with escalating geopolitical tensions and military actions in the Middle East, further destabilizing the region.
Against this backdrop, the active gold price surged past the $5,000/oz threshold, settling the month at $5,247.90/oz - a significant 10.6% month-over-month (MoM) gain. Silver followed this upward momentum, climbing 18.8% to close at $93.29/oz, driven by its dual appeal as both a monetary hedge and an industrial essential.
Copper prices also breached the $6.00/lb level, rising 2.3% MoM. While the Supreme Court's ruling was perceived as "trade-friendly," boosting demand expectations, gains for the red metal were somewhat tempered by rising inventory levels outside the U.S.
As volatility increases, market participants are increasingly leveraging the deep liquidity of our Micro Metals futures. February saw several record-breaking performances:
- Micro Gold (MGC): Average daily volume (ADV) of 572,978 contracts, marking the third-highest monthly record.
- Micro Silver (SIL): Set its second-highest ADV (204,999) and reached an all-time high average daily open interest (ADOI) of 29,375 contracts.
- Micro Copper (MHG): Achieved its second-highest ADV (37,929) and a record-breaking ADOI of 15,032 contracts.
- 1-Ounce Gold (1OZ): Posted its highest monthly ADV (115,719) and ADOI (21,002) since the product’s launch.
- 100-Ounce Silver (SIC): Successfully completed its inaugural month with a robust average of nearly 9,000 contracts traded daily.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from February 2 to February 27, 2026)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key economic events in March/April 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Mar 2, 10.00 a.m.	Mar 2, 3.00 p.m.	Mar 2, 11.00 p.m.
China NBS Manufacturing PMI	Mar 3, 8.30 p.m.	Mar 4, 1.30 a.m.	Mar 4, 9.30 a.m.
RatingDog Manufacturing PMI	Mar 3, 8.45 p.m.	Mar 4, 1.45 a.m.	Mar 4 9.45 a.m.
U.S. Non Farm Payrolls	Mar 6, 8.30 a.m.	Mar 6, 1.30 p.m.	Mar 6, 9.30 p.m.
China Inflation Rate YoY	Mar 8, 9.30 p.m.	Mar 9, 1.30 a.m.	Mar 9, 9.30 a.m.
China Balance of Trade	Mar 9, 11.00 p.m.	Mar 10, 3.00 a.m.	Mar 10, 11.00 a.m.
U.S. Inflation Numbers	Mar 11, 8.30 a.m.	Mar 11, 12.30 p.m.	Mar 11, 8.30 p.m.
U.S. Core PCE Price Index	Mar 13, 9.30 a.m.	Mar 13, 1.30 p.m.	Mar 13, 9.30 p.m.
China Industrial Production YoY	Mar 15, 10.00 p.m.	Mar 16, 2.00 a.m.	Mar 16, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Mar 18, 2.00 p.m.	Mar 18, 6.00 p.m.	Mar 19, 2.00 a.m.
China NBS Manufacturing PMI	Mar 30, 9.30 p.m.	Mar 31, 2.30 a.m.	Mar 31, 9.30 a.m.
RatingDog Manufacturing PMI	Mar 31, 9.45 p.m.	Apr 1, 2.45 a.m.	Apr 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Apr 1, 10.00 a.m.	Apr 1, 3.00 p.m.	Apr 1, 10.00 p.m.
U.S. Non Farm Payrolls	Apr 3, 8.30 a.m.	Apr 3, 1.30 p.m.	Apr 3, 8.30 p.m.
FOMC Minutes	Apr 8, 2.00 p.m.	Apr 8, 7.00 p.m.	Apr 9, 2.00 a.m.
U.S. Core PCE Price Index	Apr 9, 8.30 a.m.	Apr 9, 1.30 p.m.	Apr 9, 8.30 p.m.
China Inflation Rate YoY	Apr 9, 9.30 p.m.	Apr 10, 2.30 a.m.	Apr 10, 9.30 a.m.
U.S. Inflation Numbers	Apr 10, 8.30 a.m.	Apr 10, 1.30 p.m.	Apr 10, 8.30 p.m.
China Balance of Trade	Apr 13, 11.00 p.m.	Apr 14, 4.00 a.m.	Apr 14, 11.00 a.m.
China Industrial Production YoY	Apr 15, 10.00 p.m.	Apr 16, 3.00 a.m.	Apr 16, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Apr 29, 2.00 p.m.	Apr 29, 7.00 p.m.	Apr 30, 2.00 a.m.
China NBS Manufacturing PMI	Apr 29, 9.30 p.m.	Apr 30, 2.30 a.m.	Apr 30, 9.30 a.m.
RatingDog Manufacturing PMI	Apr 29, 9.45 p.m.	Apr 30, 2.45 a.m.	Apr 30, 9.45 a.m.
U.S. Core PCE Price Index	Apr 30, 8.30 a.m.	Apr 30, 1.30 p.m.	Apr 30, 8.30 p.m.

Source: CME Group, QuikStrike

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